Note books, domestic LPG, aluminium foils, insulin, agarbatti and a large number of daily use household products will become cheaper under the GST regime set to be rolled out from July 1.
In a majority of supplies of goods, the tax incidence approved by the GST Council is much lower than the present combined indirect tax rates levied by the Centre and states, the finance ministry said in a statement.
The current taxes are levied on account account of central excise duty rates, embedded central excise duty rates, service tax post-clearance embedding, VAT rates or weighted average VAT rates, cascading of VAT over excise duty and tax incidence on account of CST, Octroi, Entry Tax, among others. Click to read more
The Central Board of Excise and Customs on Thursday warned builders to refrain from hoodwinking customers by claiming that the GST rate of 12% that applies to them will be levied on the original cost of the building.
The CBEC said that it has received reports that builders are forcing customers to pay the entire cost of the flat before July 1 and pay the current tax rate of 5.5% or pay 12% on any payments made after July 1, which is when GST is expected to be rolled out. This, the tax authority said, is against the GST legislation. Click to read more
A technical snag in the online migration to the goods and services tax domain kept thousands of Bengal traders, manufacturers, service providers and dealers waiting on Thursday, the last day of registration for the new indirect tax regime. According to conservative estimates, around 70,000 VAT dealers and 15,000-20,000 service tax and excise dealers failed to migrate.
But GST Network, the company running the technology platform, said businesses need not panic as a fresh window to enrol will open on June 25, days before GST kicks in from July 1. Click to read more
The opposition National Conference on Thursday warned the state government against any “misadventure” on GST implementation in the state, saying the party would fight it tooth and nail to “prevent dilution of J&K’s fiscal autonomy.”
Addressing a meeting of party’s provincial committee for Kashmir, the NC’s provincial president Nasir Aslam Wani said government’s state of confusion on GST is a “deliberate ploy to distort the reality and implement the regime in a covert, clandestine manner.” Click to read more
Traders of grains and staple foods across major Indian markets went on a strike on Thursday, protesting the imposition of goods and services tax (GST) on branded rice and lentils. Traders of sugar, of which the country is the world’s biggest consumer, also shut their shops after New Delhi had said the sweetener would attract a 5% levy.
Trade associations from Maharashtra, the Delhi Grain Merchants Association, and the Bombay Sugar Merchants Association led the strike against what they claimed as the first instance of taxation of staple foods since Independence. The GST, which replaces multiple producer levies with just one tax, is scheduled to be implemented July 1. Click to read more
If you are looking to buy a car, apparel or white goods, now is the time. After all, it is not often that you get steep discounts in the months of May and June. Monsoon sales on apparel start usually by the end of June while electronics stores announce sale usually before Diwali. A range of deals—from freebies to price cuts—are available on goods ranging from big cars to smartphones.
Retailers have announced discounts to clear inventories due to the new indirect tax regime, the Goods and Services Tax, coming into force from July 1. Click to read more
It is turning out to be bonanza time for consumers as companies, ranging from apparels to car manufacturers, woo them with attractive discounts ahead of implementation of the GST next month.
While apparel manufacturers are trying to liquidate old stock ahead of the new tax regime, automobile companies are attempting to draw buyers to showrooms with attractive limited period discounts of up to Rs 2.5 lakh across a range of vehicles sold in the country.
Brands such as Levi’s, Reebok and Woodland are currently on a clearance mode offering high discounts. Click to read more
It is turning out to be bonanza time for consumers as companies, ranging from apparels to car manufacturers, woo them with attractive discounts ahead of the implementation of the goods and services tax (GST) next month.
While apparel manufacturers are trying to liquidate old stock ahead of the new tax regime, automobile companies are attempting to draw buyers to showrooms with attractive limited period discounts of up to Rs 2.5 lakh across a range of vehicles sold in the country. Click to read more
With the taxing of active pharmaceutical ingredients (API) at 18 per cent in the GST regime raising concerns about rise in medicine prices, Health Secretary C K Mishra on Thursday said the ministry is still figuring out the overall impact of the GST regime on the health sector.
“We are still trying to figure out the impact of the increased GST rates on active pharmaceutical ingredients,” Mishra said during Health Minister J P Nadda’s press conference on the achievements in the health sector during the three years of the NDA government. Click to read more